Shared Ownership for a First Mortgage

A person who finds it difficult to make an outright purchase of a home can avail of various shared ownership schemes in the real estate market. Shared ownership offers a technique to individuals by which they can partly own a property and partly rent it. There are schemes sanctioned...

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How to Finance Renovations for a Derelict Property

A home in a state of disrepair may catch your fancy. However, you will need to secure a mortgage for buying the property and for instituting renovations to make the home habitable. You may go by these guidelines to ease the process of restoration of your new home. Surveying...

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Looking at tips to select a proficient software program for collecting mortgage payments

Mortgage collection systems are crucial for lenders to take in the mortgage repayments of the borrowers of their loan packages. A good collection program minimises bad debts. Preparing for the collection system is vital for the success of the software. Here are some guidelines for choosing a mortgage collection...

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Major Considerations in Buying a Mobile Home

A mobile or manufactured home is significantly different from a traditional bricks and mortar house. You may choose from several categories of manufactured homes including: caravans, motor homes or park homes. It is crucial to consider the viability of the idea before deciding to purchase a mobile home suited...

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How to Save Money with an Offset Mortgage

An offset mortgage package links a new loan with one or more of your bank accounts. If savings rates are low and mortgage rates are high, an offset mortgage may increase your savings. In addition, the competitive rates allowed by lenders for these mortgages have made them popular among...

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Reasons for a Borrower to Streamline a Refinance Mortgage

A streamline refinance project utilises the mortgage approval and underwriting facets of the first mortgage. This accelerates the process of acquiring the refinance and reduces the closing costs. You may opt for a streamline refinance of avail of several benefits. Lower Overall Costs In a streamline refinance, the underwriter...

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Qualifying for a Home Improvement Loan with No Equity

Most home improvement mortgages are home equity loans. The lender will hold your equity in the home as collateral. If you have no equity in your home, it may be difficult to secure a mortgage for implementing the necessary improvement schemes. You need to look for alternative sources of...

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Exploiting the Features of a Tracker Mortgage

A tracker mortgage is a special type of variable rate mortgage. As the name suggests, it tracks or follows the movement of another mortgage product instead of adjusting the rates on its own. Generally, tracker mortgages follow the base rate set by the Bank of England. A thorough knowledge...

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How to Obtain a Mortgage for a Second Home

Procuring a mortgage with reasonable terms on a primary home is a tough job. The procedure is even more demanding for a second home. Lenders scrutinise the application for a mortgage on a second home in a more stringent fashion than that your application for your first mortgage would...

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Deciding on an Escrow Account after a Refinance

The monthly mortgage dues of a borrower consist of homeowner’s insurance, private mortgage insurance and property taxes apart from the mortgage principal and interest payments. Lenders require that you pay the insurance amounts and the property taxes in an escrow account held by a third party called escrow services....

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HUD Guidelines for Manufactured Homes

A set of directives prepared by the Department of Housing and Urban Development (HUD) may have served to enhance the quality of manufactured homes. Homebuyers are quite willing to apply for mortgages for this highly affordable quality of housing. Here are the key guiding principles put forward by the...

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